Consolidator Succession has completed the acquisition of five firms, for £12.5 million, which will form the backbone of its national IFA.
Succession has acquired London-based Smart Wealth Management, Glasgow-based Campbell Dallas Financial Services, Amersham-based The Financial Management Group, London-based Westminster Financial Planning and Plymouth-based Westpoint Financial Consultants for a combined £12.5 million.
All five IFAs were already member firms of Succession and are now part of its national model Succession Group.
The national has seven locations, 100 employees, with 50 advisers, £1 billion in assets under advice, of which £250 million is on the Succession Investment platform, a white labelled version of Investment Funds Direct.
The national’s board will be headed by Ray Pierce, as chairman, and chief executive Simon Chamberlain (pictured).
Chamberlain said: ‘We have always said we will buy businesses at the point of transition. This £12.5 million investment demonstrates this.’
‘It is our intention to acquire further Succession Advisory Services’ member firms into the new national advisory brand at the point they finish their transition process, creating the UK’s first national advisory brand, created and owned by its membership. Eventually, at the point that Succession Group Limited has purchased the rest of the membership which we anticipate to complete over the next few years, we will control £7bn of assets, with recurring income in excess of £70 million per annum.’
Paul Morrish has been made group corporate officer with Christian Captieux the group regulatory officer and Richard Rhodes the group finance officer.
Former Defaqto chief executive Kenn Herskind has been appointed group operations officer and former Westpoint Financial Consultants director Phil Gerry has been made integration director. Alan Webster, managing director of Campbell Dallas Financial Services has been made operations director.